2025.10. 10 此外，新规还对节能车的能耗作出了调整。其中，整备质量低于1090公斤的节能乘用车，两排及以下座椅的车型百公 里燃料消耗上限为5.06升，三排及以上座椅的车型百公里燃料消耗上限为5.41升。整备质量大于1580公斤的节能乘 用车，两排及以下座椅的车型百公里燃料消耗上限为6.28升，三排及以上座椅的车型百公里燃料消耗上限为6.63升。 本文字数：1344，阅读时长大约3分钟 作者 | 第一财经 黄琳 随着新能源汽车购置税调整产品技术要求，车船税优惠的新能源汽车等产品技术要求也发生了调整。 近日，工信部、财政部、税务总局发布《关于调整享受车船税优惠的节能新能源汽车产品技术要求的公告》（2025年 第25号），重点对新能源汽车产品技术要求和节能车综合工况燃料消耗量限值标准进行了调整，新规将于2026年1月 1日起实施。 对比2024年的规定，新规对免征车船税的新能源汽车技术要求有所提高。其中，插电式（含增程式）混合动力乘用车 纯电动续航里程应满足有条件的等效全电里程从不低于43公里，提升为不低于100公里。另外，工信部等三部门近日 也发出公告要求，从明年开始，插混（含增程）车等效全电里程不低于 ...

随着新能源汽车购置税调整产品技术要求，车船税优惠的新能源汽车等产品技术要求也发生了调整。 近日，工信部、财政部、税务总局发布《关于调整享受车船税优惠的节能新能源汽车产品技术要求的公 告》（2025年第25号），重点对新能源汽车产品技术要求和节能车综合工况燃料消耗量限值标准进行了 调整，新规将于2026年1月1日起实施。 | 整备质量(CM) kg | 两排及以下座椅 | 三排及以上座椅 | | --- | --- | --- | | CM < 1090 | 5.06 | 5.41 | | 1090 < CM ≤ 1580 | 0.0025× (CM-1580) +6.28 | 0.0025× (CM-1580) +6.63 | | 1580 < CM | 6.28 | 6.63 | 另外，节能轻型商用车也根据测试质量调整了百公里汽油、柴油消耗量上限。根据最大设计总质量，节 能重型商用车（包括货车、半挂牵引车、客车、自卸汽车、城市客车）也各自调整了节能限值标准。 根据2018年四部门发布的《关于节能新能源车船享受车船税优惠政策的通知》，对符合标准的新能源车 船免征车船税，对符合标准的节能汽车减半征收车船税。其中 ...

Core Insights - The launch of the GAC Trumpchi Xiangwang S7 Pro+ series is marked by a strong user-centric approach, with a starting price of 159,800 yuan and attractive financing options [1][3] - The vehicle emphasizes three core advantages: intelligent experience, battery endurance, and comfortable cabin, which have received positive feedback from users [3][9] - The Xiangwang S7 features advanced technology, including a Qualcomm Snapdragon 8295P chip, a large 27-inch HUD, and seamless integration with popular mobile applications [3][5] Product Features - The S7 is equipped with a 36.3 kWh battery, offering a CLTC electric range of 205 km, which meets daily commuting needs with a one-charge-per-week capability [9] - The vehicle's intelligent driving assistance includes advanced laser radar technology, enabling precise object detection and enhanced safety features [5][6] - The cabin design focuses on comfort, featuring zero-gravity seats, high-quality materials, and a spacious layout, enhancing the overall user experience [9][10] Market Strategy - The company has engaged in extensive user research, visiting 31 cities and interviewing 980 real car owners to refine product offerings based on user feedback [3][7] - The brand has successfully increased its recognition to 65.7% within six months, indicating strong market penetration and user loyalty [1] - The S7 Pro+ series will be available in 500 offline stores nationwide during the National Day holiday, aiming to boost sales and brand visibility [1][3]

Core Viewpoint - The launch of the new GAC Trumpchi Xiangwang S7 model aims to enhance market competitiveness by lowering the price point and improving performance, targeting the mid-to-large plug-in hybrid SUV segment [2][4]. Pricing and Market Strategy - The new Xiangwang S7 is priced at 159,800 yuan and 179,800 yuan for the Pro+ and Pro+ LiDAR versions, respectively, significantly lowering the entry price from the previous model's 175,800 yuan [2]. - The new model features an improved electric range of 205 km, nearly doubling the previous entry-level version's range, while the price has decreased by nearly 20,000 yuan, indicating a strategic move to enhance cost-performance ratio [2][4]. Product Development and Technology - The Xiangwang series is a collaboration between GAC Trumpchi, Huawei, and CATL, aimed at elevating brand positioning and value [2]. - The S7 model utilizes GAC's self-developed end-to-end intelligent driving system, powered by NVIDIA OrinX chip with a computing power of 254 Tops, and includes 27 high-precision sensors [3][4]. - GAC Trumpchi has partnered with Momenta to develop a "one-stage end-to-end intelligent driving model," enabling advanced driving capabilities in complex urban environments [3]. Competitive Positioning - The decision to use a self-developed system instead of Huawei's technology is driven by cost reduction and the desire to maintain control over core technologies, allowing for competitive pricing in the 200,000 yuan segment [4]. - The S7 is equipped with GAC's self-developed cartridge battery, with a capacity of 36.3 kWh and a pure electric range of 205 km, which has been deployed in over 1.3 million vehicles [4]. Sales Performance - Despite initial market interest, the sales performance of the Xiangwang series has not met expectations, with only 1,231 units sold in July 2025 and a total of 7,268 units in the first half of the year [2][4]. - GAC Trumpchi aims to boost overall brand performance through the launch of new products and enhancements in technology [4].

而为S7的智能驾驶辅助注入灵魂的，正是其与Momenta合作开发的端到端智驾大模型。会上，广汽集团 产品本部传祺向往S7总经理何珉还宣布，传祺向往S7 Pro+系列将在年内通过OTA迭代，正式搭载 Momenta最新的R6飞轮大模型，成为首批搭载该模型的车型，进一步增强车辆应对加塞、鬼探头、盲区 遮挡等高危复杂路况的能力。传祺向往S7 OTA 3.0版，则在9月26日准时全量推送。 传祺向往S7配备36.3度大电池，CLTC纯电里程205km。而对于更贴近真实驾驶情况的WLTC续航里程， S7的WLTC与CLTC比值也高达82.9%。 作者丨彭鑫 编辑丨安安 9月26日，开传祺向往，过向往的生活——传祺向往S7新品用户共创大会，在广汽集团番禺总部举行。 广汽传祺正式宣布旗下今年新推出的向往车系，成为湖南卫视&芒果TV《向往的生活·戏如人生》官方 指定用车。同时，作为向往系列第一车，传祺向往S7全新Pro+系列售价15.98万元起，并将在国庆期间 正式登陆全国500家线下门店。 本季《向往的生活》以"戏如人生"为主题，节目原班人马回归。传祺向往S9、M8、S7三款车型作为节 目官方指定用车，全程陪伴蘑菇屋家人及 ...

Core Points - GAC Trumpchi officially announced the launch of its new model, the Trumpchi Xiangwang S7 Pro+ series, which is priced starting at 159,800 yuan and features attractive financial policies [1][9] - The Xiangwang series has gained significant recognition, with brand awareness rising to 65.7% within six months of its launch [3] - The Xiangwang S7 has been well-received in the market, achieving the highest user satisfaction among Trumpchi models, particularly for its smart experience, battery life, and comfortable cabin [9][19] Product Features - The Xiangwang S7 Pro+ series boasts advanced technology, including the Qualcomm Snapdragon 8295P chip, which offers four times the computing power of its predecessor [11] - It features a 27-inch HUD display for clear information presentation and integrates popular apps like QQ Music and iQIYI for a seamless user experience [11] - The vehicle is equipped with a unique laser radar system that enhances driving safety by providing centimeter-level detection accuracy [13] Battery and Safety - The S7 utilizes a modular battery that meets the 2026 national standards and has passed 105 safety tests, with over 1.3 million units deployed [16] - It offers a CLTC electric range of 205 km, which meets daily commuting needs, and has a WLTC to CLTC ratio of 82.9%, outperforming competitors [17] Comfort and Quality - The S7 Pro+ series features a spacious interior with a height of 1.268 meters and seats designed for maximum comfort, including a 137° reclining angle [19] - The vehicle is manufactured under high-quality standards, with over 300 testing personnel and more than 1,000 testing projects to ensure durability and reliability [19] Marketing and Brand Strategy - The partnership with the popular TV show "Xiangwang de Shenghuo" positions the Xiangwang series as the official vehicle, enhancing brand visibility and aligning with consumer aspirations for a better lifestyle [5][21] - GAC Trumpchi aims to continue exploring user needs and expanding its product offerings to create a more enriching user experience [21]

Group 1 - In 1H25, the company's total operating revenue decreased by 8.0% year-on-year to 42.17 billion yuan, and the net profit attributable to shareholders turned to a loss of 2.54 billion yuan compared to a profit of 1.52 billion yuan in 1H24 [1] - The company's gross profit margin fell by 7.7 percentage points year-on-year to -1.7%, indicating significant pressure on profitability [1] - The decline in performance is attributed to intensified industry competition, a drop in sales of domestic brands, and increased promotional expenditures [1] Group 2 - In 1H25, the company's sales volume decreased by 12.5% year-on-year to 755,000 units, with a notable decline in sales for joint ventures [2] - Investment income from joint ventures and associates decreased by 26.3% year-on-year to 2.4 billion yuan, primarily due to the previous year's valuation premium from the listing of a subsidiary [2] - The company is optimistic about the gradual improvement in sales driven by the transformation of its joint venture brands, with new electric models launched and strong sales performance from key models [2] Group 3 - The company is actively launching new models to rejuvenate its product lineup, including several new vehicles under the GAC brand [3] - A partnership with Huawei has been established to develop high-end smart electric vehicles, with plans to launch the first model by 2026 [3] - The company is enhancing its "technology + ecology" strategy, focusing on smart technology and energy ecosystems, including the establishment of a significant number of charging stations [3] Group 4 - The company maintains an "overweight" rating for its A/H shares, adjusting profit forecasts for 2025E/2026E/2027E to -1.97 billion yuan, 0.08 billion yuan, and 0.96 billion yuan respectively [3] - The outlook remains positive due to the dual improvement prospects from joint ventures and domestic brands, alongside vertical integration in the industry chain [3]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內容而 引致的任何損失承擔任何責任。 GUANGZHOU AUTOMOBILE GROUP CO., LTD. 廣州汽車集團股份有限公司 ( 於中華人民共和國註冊成立的股份有限公司 ) (股份編號: 2238) 海外監管公告 本公告乃廣州汽車集團股份有限公司（「本公司」）按香港聯合交易所有限公司證券上市規 則第 13.10B 條發出。 以下文件乃本公司於二零二五年八月二十九日在中華人民共和國上海證券交易所網頁登載， 僅供參閱。 承董事會命 廣州汽車集團股份有限公司 馮興亞 董事長 中國廣州，二零二五年八月二十九日 於本公告日期，本公司的執行董事為馮興亞，本公司的非執行董事為陳小沐、鄧蕾、周開荃、 王亦偉及洪素麗，以及本公司的獨立非執行董事為趙福全、肖勝方、王克勤及宋鐵波。 1. 《廣州汽車集團股份有限公司 2025 年半年度報告摘要》 2. 《廣州汽車集團股份有限公司 2025 年半年度報告》 广州汽车集团股份有限公司 2025 年半年度报 ...

Core Viewpoint - The automotive industry is undergoing significant transformation, with GAC Group entering a "wartime state" in response to severe financial losses and market challenges [1][2]. Financial Performance - GAC Group's half-year performance forecast indicates a net loss of 18.2 billion to 26 billion yuan, a stark contrast to a profit of 15.16 billion yuan in the same period last year, marking a profit drop of over 33 billion yuan [2]. - Total sales for GAC Group in the first half of the year were 755,300 units, a year-on-year decline of 12.48% [2]. - GAC Honda's sales plummeted by 25.63% to 154,600 units, significantly exceeding the industry average decline [2]. - GAC Trumpchi's sales fell by 22.55% to 146,300 units, with new product development and cost control issues exacerbating the decline [2]. Market Position and Strategy - GAC Aion, a key player in the new energy vehicle segment, reported a sales drop of 13.97% to 108,700 units, with the AION UT model underperforming at only 5,000 units per month [4]. - GAC Toyota achieved a slight increase of 2.58% in sales, totaling 344,700 units, but relied on significant discounts, which may undermine brand value [4]. - GAC Group's reliance on traditional 4S dealership models has led to low marketing efficiency, as competitors adopt more modern sales channels [4][5]. Structural Challenges - The lack of synergy among GAC's self-owned brands has resulted in resource dispersion and prolonged new product development cycles [5]. - GAC's overseas market expansion is lagging, with only 7% of total sales coming from international markets, highlighting a critical bottleneck in growth compared to competitors like BYD and Chery [5]. Strategic Initiatives - GAC Group has announced a "three-core driving" transformation strategy focusing on technology restructuring, product value enhancement, and channel ecosystem innovation [5][6]. - The company is implementing a dual-track strategy of "pure electric + range extender" and plans to launch its first strategic model, the Haobo HL range extender version, in August [6]. - GAC aims to establish 200 lightweight "Aion Stations" to improve operational efficiency and customer response times [6]. Collaboration with Huawei - GAC's partnership with Huawei to create the high-end brand "Hua Wang Automotive" is seen as a potential game-changer, leveraging Huawei's technology while maintaining GAC's brand independence [7]. - The collaboration aims to reduce smart configuration costs by 15% compared to competitors, with two new models expected to launch in 2026 [7]. Future Outlook - GAC has set an ambitious target of 2 million units for its self-owned brands by 2027, but the window for transformation is narrowing [8]. - The upcoming 12 months are critical for the industry as subsidy policies change, and scale effects will become essential for survival [7][8].

Core Viewpoint - GAC Group's chairman acknowledged the company's failure to capitalize on the rapid development of range-extended and plug-in hybrid technologies, leading to significant declines in sales and profits in 2024 [1][3]. Financial Performance - In 2024, GAC Group achieved a sales volume of 2.0031 million units, a year-on-year decrease of 20.04% [1][3]. - The company's revenue for 2024 was 106.798 billion yuan, down 17.05% year-on-year, while net profit attributable to shareholders was 824 million yuan, a decrease of 81.4% [1][2]. - The first half of 2025 is projected to show a net loss of 1.82 billion to 2.6 billion yuan, marking the first mid-year loss since 2005 [10][15]. Sales Breakdown - GAC's joint venture brands, GAC Honda and GAC Toyota, saw sales declines of 26.52% and 22.32% respectively, while the self-owned brand GAC Aion experienced a 21.9% drop in sales [3][9]. - GAC Trumpchi, another self-owned brand, saw a slight increase in sales of 1.99% [3]. Market Challenges - The company faces ongoing pressure in sales, with a reported 8.22% decline in June 2025 sales compared to the previous year [3]. - The competitive landscape is intensifying, with increased promotional spending and a price war affecting profit margins [15]. Strategic Adjustments - GAC Group is adjusting its model and technology strategy, planning to introduce multiple range-extended and plug-in hybrid models [7]. - The company aims to launch over 20 new or updated models by 2025, with a target of achieving a 15% annual sales growth and increasing the share of self-owned brands to over 60% of total sales by 2027 [15].